India's GOCL Corp rises as Hyderabad land monetisation gains pace
BUZZ-India's GOCL Corp rises as Hyderabad land monetisation gains pace ** Diversified electronics and realty enterprise GOCL Corp shares GOCL.NS jump as much as 7.1% to 458.80 rupees, a near three-month-high
** Rise follows GOCL, part of the Hinduja group, saying it has monetised about 157 acres of its 264.5-acre Kukatpally land bank in Hyderabad
** Update signals progress in unlocking value from large non-core asset
** Part of the balance land bank is under mortgage obligation as a security for a loan availed by Hinduja National Power Corporation (HNPC) -- GOCL
** GOCL and HNPC are both part of Hinduja group, with GOCL in process of absorbing HNPC through merger
** GOCL says most of the loan is repaid and co in discussion with lender to release land from obligation, adding that monetisation of remaining land will be expedited upon release
** GOCL shares are up 53.6% YTD, according to exchange data
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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